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BUSINESS
April 26, 2013 | By Adolfo Flores
Owners of Southern California small businesses are mixed on the state of the economy, according to data released Thursday. About 42% said the economy was recovering, and 48% said the nation was still in a recession, according to the U.S. Bank Small Business Annual Survey. More than two-thirds of the business owners said they were unlikely to make a capital expenditure in the next year. In Southern California, 64% of respondents characterized their financial health as “good,” and 46% said they expect higher revenues in the next year.
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BUSINESS
April 25, 2009 | E. Scott Reckard
Regulators shut down the First Bank of Beverly Hills on Friday, saying they could find no buyer for the one-branch institution after a takeover by an Illinois financial firm fell through. The Federal Deposit Insurance Corp. said it would send checks to insured depositors of the bank, which despite its name had been based in Calabasas. At year-end, the bank had about $1 billion in deposits, many of them from out of state, of which an estimated $179,000 were uninsured.
BUSINESS
June 7, 2001 | Bloomberg News
Bank of America Corp., the largest U.S. bank by deposits, said it plans to exit equities and merger and acquisition advisory businesses in as many as 12 emerging markets to focus on more profitable debt operations. The changes will affect about 100 staff and will span Singapore, Hong Kong and India in Asia as well as markets in Eastern Europe and Latin America.
BUSINESS
November 8, 2000 | Reuters
Bank One Corp., the No. 4 U.S. bank holding company, named Philip Heasley, a former U.S. Bancorp president, to run its troubled First USA credit card operation. Heasley, 51, will become chairman and chief executive of First USA on Jan. 1, succeeding William Boardman, 59, who will retire in mid-2001. First USA, the third-largest credit card issuer with 53.6 million cardholders, has been a sore spot for Chicago-based Bank One for more than a year.
BUSINESS
April 6, 2004 | From Reuters
Bank of America Corp., the nation's No. 2 bank, said Monday that it planned to cut 12,500 jobs over the next two years as a result of its $48-billion purchase of FleetBoston Financial Corp. The cuts amount to about 7% of the combined banks' workforce of more than 180,000. Bank of America said about 30% of the cuts would be through attrition.
BUSINESS
August 2, 2007 | From Times Wire Services
Biola University in La Mirada has sued Bank of America Corp. and BNP Paribas, saying the banks conspired to overcharge the Christian school for $84.2 million of derivatives. In its suit filed Tuesday in U.S. District Court in Los Angeles, Biola said the banks misled it into believing that it paid a fair price for four derivatives it bought in 2002 and 2004. The contracts were tied to tax-exempt bonds the college sold. Bank of America, the second-biggest U.S.
BUSINESS
November 23, 2006 | From Bloomberg News
JPMorgan Chase & Co., the third-biggest U.S. bank, agreed to pay $2.2 million to settle claims that the company's Bank One unit discriminated against hundreds of employees on long-term medical leave, the government said Wednesday. The U.S. Equal Employment Opportunity Commission claimed Bank One, which JPMorgan acquired in 2004, violated the Americans With Disabilities Act by failing to properly accommodate employees whose medical leaves exceeded six months.
OPINION
April 21, 1991
Maybe, just maybe, the American dream is not dead for the urban poor in California and Massachusetts. Hard work may still mean a chance to own a home or business, now that two major banks have committed billions of dollars in loan programs to help minority and low-income residents. The commitments from Bank of America and the Bank of Boston are commendable, but they are not altruistic--just good business.
BUSINESS
March 21, 1997 | From Bloomberg News
First Bank System Inc. on Thursday agreed to acquire U.S. Bancorp for about $9 billion in stock, fulfilling a long-sought goal of expanding to the West Coast. First Bank's acquisition of Portland, Ore.-based U.S. Bancorp would form the 14th-largest U.S. bank, with $70 billion in assets and 1,000 branches from the Mississippi River to the Pacific Ocean.
BUSINESS
February 2, 2004 | From Associated Press
Kim Saunders left a vibrant financial institution in Washington for a rescue mission: reviving a century-old black-owned bank hobbled by bad loans and dogged by government regulators. "Everyone should do everything to keep it operating," said Saunders, president and chief executive of Consolidated Bank & Trust Co. "I think it's a national treasure." She doesn't have much time.
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